US Court Orders Venezuela To Pay ConocoPhillips $8.7B Over Asset Seizures

A U.S. court ordered Venezuela to pay about $8.75 billion to ConocoPhillips COP as compensation for seizing the energy company's interests in oil projects.
The decision gives ConocoPhillips new authority to collect on a 2019 award by a World Bank tribunal. The award includes interest that adds at least $1 billion to the amount owed to Conoco.
In 2013, the International Convention on the Settlement of Investment Disputes ruled that Venezuela had unlawfully taken ConocoPhillips' stakes in three oil projects without paying.
Also Read: How BP, ConocoPhillips Could Benefit From Upcoming Nord Stream 1 Pipeline Closure.
Venezuela's government said in a statement that it was denied the right to represent itself in court, adding that the decision was "unfair" and violated international law.
Venezuela's government rejected the court's decision saying the country would continue to take legal action to "preserve its patrimony."
"This unfair decision has been forged by violating... Venezuela's right to defense," the statement said.
Price Action: COP shares traded 1.24% at $106.55 premarket on the last check Tuesday.